By Giancarlo Navach
MILAN (Reuters) -Olidata, the Italian information technology and cyber security group, is aiming to grow through mergers and acquisitions, particularly in Italy, and could clinch a deal before the end of the year, chairman and main shareholder, Cristiano Rufini, said in an interview with Reuters.
“Our growth will be organic, but also through M&A,” he said.
The focus is mainly on Italian companies.
“In Italy, we have some very good, high-performing centres of excellence, but they are very small. If we don’t manage to build significant critical mass, some valuable technologies and solutions risk being lost,” Rufini added, speaking on the sidelines of the annual TEHA Forum in Cernobbio.
“I believe that between now and the end of the year, there could be some important developments,” said Olidata’s top executive, who returned to lead the company in April.
The group is investing particularly in digital healthcare and the development of proprietary cyber security technologies.
The company last year reported revenues of 96.7 million euros ($113.4 million) and produced an adjusted EBITDA of 5.9 million euros.
On the Italian stock market Olidata shares are trading around 2.8 euros, with a market capitalization of approximately 53 million euros — well below the peaks of 8.65 euros reached in September 2023, the year the company returned to being listed.
According to Rufini, who remains the top shareholder, the volatile stock performance is partly due to its structure, characterised by a high number of retail investors, some very small, accounting for about 32% of the capital.
“There are no institutional investors or investment banks in the capital structure, so it’s a stock essentially made up of small shareholders. The goal is to become solid, to be back on the stock market, to have a clear and defined identity, and governance,” Rufini concluded. ($1 = 0.8530 euros)
(Reporting by Giancarlo NavachEditing by Keith Weir)
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